Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-06-17-Speech-2-073"
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"en.20080617.5.2-073"2
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".
Mr President, Slovakia wishes to participate in the euro, and I do not blame it for that, yet I wish to take this opportunity to call for level-headedness. After all, it could be said that the euro is about to take its first test. For various reasons, we are seeing price increases, not only in Europe but worldwide. Inflation is rising, and inflationary expectations have been generated. The euro as a currency has not faced this test before. The European Central Bank operates on the basis of a maximum inflation rate of 2%. It has no means of enforcing this ceiling other than to raise interest rates in order to reduce the level of activity in an attempt to bring down inflation. If it does this, there is reason to fear recession. The Stability and Growth Pact focuses exclusively on ensuring that public deficit does not exceed 3% of GDP. This restraining of economic stimulation gives us grounds to fear further recession in Europe. If I were Slovakia, I would at all events defer abolishing my own currency in favour of the euro until the latter has passed its first test in economic crises."@en1
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